Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide

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Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices (2014, methodology): “We obtain the analyst recommendation data from the Zacks consensus history file.10 For ease of interpretation, we reverse the standard five-point scale of Zacks recommendations so that an increased value indicates an upgrade, while a decreased value indicates a downgrade.”
Redacting Proprietary Information at the Initial Public Offering (2015, background): “Thus, we hypothesize that firms that have characteristics associated with valuable proprietary information will be more likely to redact detail from their material agreements at their IPO (Verrecchia and Weber, 2006, Agarwal et al., 2013, Aragon et al., 2013).”
Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance: Portfolio Disclosure, Liquidity, and Fund Performance (2014, background): “Classification of institutional investors and hedge funds follows that in Agarwal et al. (2013).”